Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash
Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY23 revenue forecast by £200k to reflect the update. Despite the challenging conditions for the pharma industry, Diaceutics' business model delivered a strong performance in 2H23 and across the year as the adoption of the DXRX platform by big pharma continues to drive momentum.
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